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Newsletter | December 2013
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REAL ESTATE |
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Amendments to the National Land Planning and Utilization Act |
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Amendments to the National Land Planning and Utilization Act (the “NLPUA”) were promulgated on July 16, 2013 and will become effective as of January 17, 2014. |
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Under the current NLPUA, a district units plan proposed by local governmental authorities must be approved by the head of the related provincial government, which often meant that a significant amount of time and expense were required to adopt or amend any district units plan. For example, if the district units designation or the plan adopted for such district units needed to be changed in connection with a large-scale real estate development project, such as the relocation of factories or the construction of office buildings, the developer was required to obtain the additional consent of the head of the provincial government, even after reaching an agreement with the local governmental authorities on matters regarding local residential environment, aesthetics and infrastructure. |
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Under the amendments to the NLPUA (the “Amendments”), district units plans proposed by local governmental authorities will be deemed final without any further authorization required. By streamlining the administrative process required for adopting a district units plan, the Amendments will decrease bureaucratic inefficiencies and likely shorten the length of real estate development projects by 3 to 6 months. |
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